Capri Holdings Limited Announces Third Quarter Fiscal 2023 Results

Rhea-AI Summary

Capri Holdings Limited (NYSE:CPRI) reported its financial results for the third quarter of Fiscal 2023, ending December 31, 2022. The company experienced a 6.0% decrease in total revenue, totaling $1.51 billion, while adjusted earnings per share reached $1.84. The adjusted operating margin stood at 16.9%, a decline from the previous year. Notably, Versace revenue fell 0.8%, and Michael Kors saw a 7.2% drop. Looking ahead, Capri anticipates mid-single-digit revenue and earnings growth for fiscal 2024, with projected total revenue of approximately $5.8 billion.

Positive

• Adjusted earnings per share of $1.84
• Revenue growth in the retail channel across all luxury houses
• Projecting mid-single-digit revenue growth for fiscal 2024

Negative

• Total revenue decreased by 6.0% year-over-year
• Adjusted operating margin down to 16.9% from 22.3% in the prior year
• Net income decreased to $225 million, or $1.72 per diluted share, compared to $322 million, or $2.11 per diluted share, in the prior year

https://www.capriholdings.com/3Q23Presentation

LONDON--(BUSINESS WIRE)-- Capri Holdings Limited (NYSE:CPRI), a global fashion luxury group, today announced its financial results for the third quarter of Fiscal 2023 ended December 31, 2022.

(Photo: Business Wire)

Third Quarter Fiscal 2023 Highlights

• Revenue decreased 6.0% on a reported basis and 0.5% in constant currency
• Adjusted operating margin of 16.9%
• Adjusted earnings per share of $1.84

John D. Idol, the Company's Chairman and Chief Executive Officer, said, "Overall, our performance in the third quarter was more challenging than anticipated. However, many aspects of our business performed well, in particular we were pleased with the continued growth in our own retail channel across all three of our luxury houses. This is a testament to the strength of our powerful iconic brands, as well as the success of our strategic initiatives."

Mr. Idol continued, "However, we were disappointed with the performance of our global wholesale business in the quarter which resulted in expense deleverage and a lower operating margin. We have begun taking measures to better align operating expenses with the change in revenue by channel. At the same time we will continue to make strategic investments to drive long term growth."

Mr. Idol concluded, "As we look to fiscal 2024 we expect Capri Holdings to generate mid-single-digit revenue and earnings growth. We remain confident in our ability to achieve our long-term goals over time due to the resilience of the luxury industry, the strength of our portfolio of luxury houses and the talented group of employees executing our strategic initiatives."

Third Quarter Fiscal 2023 Results

Financial Results and non-GAAP Reconciliation

The Company’s results are reported in this press release in accordance with accounting principles generally accepted in the United States ("GAAP") and on an adjusted, non-GAAP basis. A reconciliation of GAAP to non-GAAP financial information is provided at the end of this press release.

Overview of Capri Holdings Third Quarter Fiscal 2023 Results:

• Total revenue of $1.51 billion decreased 6.0% compared to last year. On a constant currency basis, total revenue decreased 0.5%.
• Gross profit was $1.01 billion and gross margin was 66.5%, compared to $1.05 billion and 65.1% in the prior year. Adjusted gross profit was $1.00 billion and adjusted gross margin was 66.3%, compared to $1.05 billion and 65.1% in the prior year.
• Income from operations was $236 million and operating margin was 15.6%, compared to $331 million and 20.6% in the prior year. Adjusted income from operations was $256 million and operating margin was 16.9%, compared to $359 million and 22.3% in the prior year.
• Net income was $225 million, or $1.72 per diluted share, compared to $322 million, or $2.11 per diluted share, in the prior year. Adjusted net income was $240 million, or $1.84 per diluted share, compared to $339 million, or $2.22 per diluted share, in the prior year.
• Net inventory as of December 31, 2022 was $1.188 billion, a 21% increase compared to the prior year. This represents a sequential improvement and management continues to expect inventory levels to be below prior year by the end of the fourth quarter.

Versace Third Quarter Fiscal 2023 Results:

• Versace revenue of $249 million decreased 0.8% compared to the prior year. On a constant currency basis, total revenue increased 11.2%.
• Versace operating income was $24 million and operating margin was 9.6%, compared to $32 million and 12.7% in the prior year.

Jimmy Choo Third Quarter Fiscal 2023 Results:

• Jimmy Choo revenue of $168 million decreased 5.6% compared to the prior year. On a constant currency basis, total revenue increased 3.4%.
• Jimmy Choo operating income was $18 million and operating margin was 10.7%, compared to $16 million and 9.0% in the prior year.

Michael Kors Third Quarter Fiscal 2023 Results:

• Michael Kors revenue of $1.095 billion decreased 7.2% compared to the prior year. On a constant currency basis, total revenue decreased 3.6%.
• Michael Kors operating income was $251 million and operating margin was 22.9%, compared to $335 million and 28.4% in the prior year.

Share Repurchase Program

During the third quarter, the Company repurchased approximately 5.7 million ordinary shares for approximately $300 million in open market transactions.

Outlook

The following guidance is provided on an adjusted, non-GAAP basis. Financial results could differ materially from the current outlook due to a number of external events which are not reflected in our guidance, including changes in global macroeconomic conditions, greater than anticipated inflationary pressures, further considerable fluctuations in foreign currency exchange rates, COVID-19 variants and other COVID related disruptions.

Fiscal Year 2023 Outlook

For Capri Holdings, the Company expects the following:

• Total revenue of approximately $5.56 billion
• Modest gross margin expansion
• Operating margin of approximately 16.0%
• Net interest expense and foreign currency gains of approximately $12 million
• Effective tax rate of approximately 7%
• Weighted average diluted shares outstanding of approximately 134 million
• Diluted earnings per share of approximately $6.10
• Ending inventory to be below prior year

For Versace, the Company expects the following:

• Total revenue of approximately $1.1 billion
• Operating margin of approximately 15%

For Jimmy Choo, the Company expects the following:

• Total revenue of approximately $610 million
• Operating margin of approximately 4%

For Michael Kors, the Company expects the following:

• Total revenue of approximately $3.83 billion
• Operating margin of approximately 22%

Fourth Quarter Fiscal 2023 Outlook

For Capri Holdings, the Company expects the following:

• Total revenue of approximately $1.275 billion
• Operating margin of approximately 8.5%
• Net interest expense of approximately $11 million
• Effective tax rate of approximately (20)%
• Weighted average diluted shares outstanding of approximately 126 million
• Diluted earnings per share of $0.90-$0.95

For Versace, the Company expects the following:

• Total revenue of approximately $280 million
• Operating margin of approximately 10%

For Jimmy Choo, the Company expects the following:

• Total revenue of approximately $130 million
• Operating margin of approximately (14)%

For Michael Kors, the Company expects the following:

• Total revenue of approximately $865 million
• Operating margin of approximately 15%

Fiscal Year 2024 Outlook

For Capri Holdings, the Company expects the following:

• Total revenue of approximately $5.8 billion
• Modest gross margin expansion
• Operating margin of approximately 16.5%
• Effective tax rate in the mid-teens range
• Diluted earnings per share of approximately $6.40

For Versace, the Company expects the following:

• Total revenue of approximately $1.25 billion
• Operating margin in the mid-teens range

For Jimmy Choo, the Company expects the following:

• Total revenue of approximately $650 million
• Operating margin in the high-single-digit range

For Michael Kors, the Company expects the following:

• Total revenue of approximately $3.9 billion
• Operating margin in the low-20% range

Conference Call Information

A conference call to discuss third quarter Fiscal 2023 results is scheduled for today, February 8, 2023 at 8:30 a.m. ET. A live webcast of the conference call will be available on the Company’s website, www.capriholdings.com. In addition, a replay will be available shortly after the conclusion of the call and remain available until February 15, 2023. To access the telephone replay, listeners should dial 1-844-512-2921 or 1-412-317-6671 for international callers. The access code for the replay is 13735207. A replay of the webcast will also be available within two hours of the conclusion of the call.

Use of Non-GAAP Financial Measures

Constant currency effects are non-GAAP financial measures, which are provided to supplement our reported operating results to facilitate comparisons of our operating results and trends in our business, excluding the effects of foreign currency rate fluctuations. Because we are a global company, foreign currency exchange rates may have a significant effect on our reported results. We calculate constant currency measures and the related foreign currency impacts by translating the current year’s reported amounts into comparable amounts using prior year’s foreign exchange rates for each currency. All constant currency performance measures discussed should be considered a supplement to and not in lieu of our operating performance measures calculated in accordance with U.S. GAAP. Additionally, this earnings release includes certain non-GAAP financial measures that exclude certain costs associated with COVID-19 related charges, the impact of the war in Ukraine, ERP implementation costs, Capri transformation costs, impairment charges, restructuring and other charges. The Company uses non-GAAP financial measures, among other things, to evaluate its operating performance and in order to represent the manner in which the Company conducts and views its business. The Company believes that excluding these items helps its management and investors compare operating performance based on its ongoing operations. While the Company considers the non-GAAP measures to be useful supplemental measures in analyzing its results, they are not intended to replace, nor act as a substitute for, any amounts presented in its consolidated financial statements prepared in conformity with U.S. GAAP and may be different from non-GAAP measures reported by other companies.

About Capri Holdings Limited

Capri Holdings is a global fashion luxury group consisting of iconic, founder-led brands Versace, Jimmy Choo and Michael Kors. Our commitment to glamorous style and craftsmanship is at the heart of each of our luxury brands. We have built our reputation on designing exceptional, innovative products that cover the full spectrum of fashion luxury categories. Our strength lies in the unique DNA and heritage of each of our brands, the diversity and passion of our people and our dedication to the clients and communities we serve. Capri Holdings Limited is publicly listed on the New York Stock Exchange under the ticker CPRI.

Forward-Looking Statements

This press release contains statements which are, or may be deemed to be, “forward-looking statements.” Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of Capri Holdings Limited (the “Company”) about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. All statements other than statements of historical facts included herein, may be forward-looking statements. Without limitation, any statements preceded or followed by or that include the words “plans”, “believes”, “expects”, “intends”, “will”, “should”, “could”, “would”, “may”, “anticipates”, “might” or similar words or phrases, are forward-looking statements. These forward-looking statements are not guarantees of future financial performance. Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions, which could cause actual results to differ materially from those projected or implied in any forward-looking statements. These risks, uncertainties and other factors include the impact of the COVID-19 pandemic; changes in consumer traffic and retail trends; high consumer debt levels, recession and inflationary pressures; levels of cash flow and future availability of credit; compliance with restrictive covenants under the Company’s credit agreement; the Company’s ability to integrate successfully and to achieve anticipated benefits of any acquisition and to successfully execute our growth strategies; the risk of disruptions to the Company’s businesses; risks associated with operating in international markets and our global sourcing activities, including disruptions or delays in manufacturing or shipments; the risk of cybersecurity threats and privacy of data security breaches; the negative effects of events on the market price of the Company’s ordinary shares and its operating results; significant transaction costs; unknown liabilities; the risk of litigation and/or regulatory actions related to the Company’s businesses; fluctuations in demand for the Company’s products; levels of indebtedness (including the indebtedness incurred in connection with acquisitions); the timing and scope of future share buybacks, which may be made in open market or privately negotiated transactions, and are subject to market conditions, applicable legal requirements, trading restrictions under the Company’s insider trading policy and other relevant factors, and which share repurchases may be suspended or discontinued at any time; the level of other investing activities and uses of cash; loss of market share and industry competition; fluctuations in the capital markets; fluctuations in interest and exchange rates; the occurrence of unforeseen epidemics and pandemics, disasters or catastrophes; extreme weather conditions and natural disasters; political or economic instability in principal markets; adverse outcomes in litigation; and general, local and global economic, political, business and market conditions including acts of war and other geopolitical conflicts; as well as those risks set forth in the Company’s filings with the U.S. Securities and Exchange Commission (the "SEC"), including the Company’s Annual Report on Form 10-K for the fiscal year ended April 2, 2022 (File No. 001-35368). Any forward-looking statement in this press release speaks only as of the date made and the Company disclaims any obligation to update or revise any forward-looking or other statements contained herein other than in accordance with legal and regulatory obligations.

SCHEDULE 1
CAPRI HOLDINGS LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share and per share data)
(Unaudited)
		Three Months Ended								Nine Months Ended
		December 31, 2022				December 25, 2021				December 31, 2022				December 25, 2021
Total revenue		$	1,512			$	1,609			$	4,284			$	4,162
Cost of goods sold			507				561				1,427				1,374
Gross profit			1,005				1,048				2,857				2,788
Total operating expenses			769				717				2,138				2,004
Income from operations			236				331				719				784
Other income, net			(1	)			—				(2	)			(2	)
Interest expense (income), net			12				(7	)			13				(11	)
Foreign currency (gain) loss			(3	)			(4	)			(10	)			1
Income before income taxes			228				342				718				796
Provision for income taxes			3				19				66				54
Net income			225				323				652				742
Less: Net income attributable to noncontrolling interest			—				1				2				1
Net income attributable to Capri		$	225			$	322			$	650			$	741
Weighted average ordinary shares outstanding:
Basic			128,849,793				149,717,485				135,600,276				150,975,773
Diluted			130,364,919				152,375,294				137,050,159				153,834,120
Net income per ordinary share:
Basic		$	1.74			$	2.15			$	4.79			$	4.91
Diluted		$	1.72			$	2.11			$	4.74			$	4.82

 

SCHEDULE 2
CAPRI HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
(Unaudited)
		December 31, 2022				April 2, 2022				December 25, 2021
Assets
Current assets
Cash and cash equivalents		$	281			$	169			$	261
Receivables, net			372				434				449
Inventories, net			1,188				1,096				978
Prepaid expenses and other current assets			243				192				384
Total current assets			2,084				1,891				2,072
Property and equipment, net			546				476				460
Operating lease right-of-use assets			1,369				1,358				1,401
Intangible assets, net			1,743				1,847				1,895
Goodwill			1,358				1,418				1,447
Deferred tax assets			247				240				178
Other assets			207				250				227
Total assets		$	7,554			$	7,480			$	7,680
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable		$	519			$	555			$	593
Accrued payroll and payroll related expenses			131				165				149
Accrued income taxes			65				52				166
Short-term operating lease liabilities			412				414				437
Short-term debt			19				29				26
Accrued expenses and other current liabilities			413				351				381
Total current liabilities			1,559				1,566				1,752
Long-term operating lease liabilities			1,392				1,467				1,503
Deferred tax liabilities			531				432				443
Long-term debt			1,521				1,131				976
Other long-term liabilities			328				326				231
Total liabilities			5,331				4,922				4,905
Commitments and contingencies
Shareholders’ equity
Ordinary shares, no par value; 650,000,000 shares authorized; 223,781,728 shares issued and 125,398,217 outstanding at December 31, 2022; 221,967,599 shares issued and 142,806,269 outstanding at April 2, 2022 and 221,322,510 shares issued and 147,252,018 outstanding at December 25, 2021			—				—				—
Treasury shares, at cost (98,383,511 shares at December 31, 2022, 79,161,330 shares at April 2, 2022 and 74,070,492 shares at December 25, 2021)			(4,951	)			(3,987	)			(3,686	)
Additional paid-in capital			1,327				1,260				1,238
Accumulated other comprehensive income			105				194				213
Retained earnings			5,742				5,092				5,011
Total shareholders’ equity of Capri			2,223				2,559				2,776
Noncontrolling interest			—				(1	)			(1	)
Total shareholders’ equity			2,223				2,558				2,775
Total liabilities and shareholders’ equity		$	7,554			$	7,480			$	7,680

SCHEDULE 3
CAPRI HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED SEGMENT DATA
($ in millions)
(Unaudited)
				Three Months Ended								Nine Months Ended
				December 31, 2022				December 25, 2021				December 31, 2022				December 25, 2021
Revenue by Segment and Region:
Versace		The Americas		$	85			$	89			$	320			$	283
		EMEA			113				99				350				304
		Asia			51				63				162				186
Versace Revenue					249				251				832				773
Jimmy Choo		The Americas			54				51				151				127
		EMEA			70				69				193				175
		Asia			44				58				138				155
Jimmy Choo Revenue					168				178				482				457
Michael Kors		The Americas			777				814				2,045				1,960
		EMEA			212				237				616				616
		Asia			106				129				309				356
Michael Kors Revenue					1,095				1,180				2,970				2,932
Total Revenue				$	1,512			$	1,609			$	4,284			$	4,162
Income from Operations:
Versace				$	24			$	32			$	138			$	135
Jimmy Choo					18				16				45				28
Michael Kors					251				335				721				795
Total segment income from operations					293				383				904				958
Less: Corporate expenses					(56	)			(37	)			(171	)			(123	)
Impairment of assets					(1	)			—				(12	)			(33	)
Restructuring and other charges					(5	)			(14	)			(11	)			(25	)
COVID-19 related charges					2				(1	)			6				7
Impact of war in Ukraine					3				—				3				—
Total Income from Operations				$	236			$	331			$	719			$	784
Operating Margin:
Versace					9.6	%			12.7	%			16.6	%			17.5	%
Jimmy Choo					10.7	%			9.0	%			9.3	%			6.1	%
Michael Kors					22.9	%			28.4	%			24.3	%			27.1	%
Capri Operating Margin					15.6	%			20.6	%			16.8	%			18.8	%

SCHEDULE 4
CAPRI HOLDINGS LIMITED AND SUBSIDIARIES
SUPPLEMENTAL RETAIL STORE INFORMATION
(Unaudited)
				As of
Retail Store Information:				December 31, 2022		December 25, 2021
Versace				225		212
Jimmy Choo				242		240
Michael Kors				827		834
Total number of retail stores				1,294		1,286

SCHEDULE 5
CAPRI HOLDINGS LIMITED AND SUBSIDIARIES
CONSTANT CURRENCY DATA
(In millions)
(Unaudited)
		Three Months Ended						% Change
		December 31, 2022			December 25, 2021			As Reported			Constant Currency
Total Revenue:
Versace		$	249		$	251		(0.8	) %		11.2	%
Jimmy Choo			168			178		(5.6	) %		3.4	%
Michael Kors			1,095			1,180		(7.2	) %		(3.6	) %
Total Revenue		$	1,512		$	1,609		(6.0	) %		(0.5	) %

		Nine Months Ended						% Change
		December 31, 2022			December 25, 2021			As Reported			Constant Currency
Total Revenue:
Versace		$	832		$	773		7.6	%		22.9	%
Jimmy Choo			482			457		5.5	%		15.1	%
Michael Kors			2,970			2,932		1.3	%		5.6	%
Total Revenue		$	4,284		$	4,162		2.9	%		9.9	%

SCHEDULE 6
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, except per share data)
(Unaudited)
		Three Months Ended December 31, 2022
		As Reported			Impairment Charges				Restructuring and Other Charges (1)				COVID-19 Related Charges				ERP Implementation				Capri Transformation				War in Ukraine				As Adjusted
Gross profit		$	1,005		$	—			$	—			$	(2	)		$	—			$	—			$	—			$	1,003
Operating expenses		$	769		$	(1	)		$	(5	)		$	—			$	(4	)		$	(15	)		$	3			$	747
Total income from operations		$	236		$	1			$	5			$	(2	)		$	4			$	15			$	(3	)		$	256
Income before provision for income taxes		$	228		$	1			$	5			$	(2	)		$	4			$	15			$	(3	)		$	248
Provision for income taxes		$	3		$	—			$	1			$	—			$	1			$	4			$	(1	)		$	8
Net income attributable to Capri		$	225		$	1			$	4			$	(2	)		$	3			$	11			$	(2	)		$	240
Diluted net income per ordinary share -    Capri		$	1.72		$	0.01			$	0.03			$	(0.02	)		$	0.02			$	0.09			$	(0.01	)		$	1.84

1. Primarily Includes other charges recorded in connection with the acquisition of Gianni Versace S.r.l.

SCHEDULE 7
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, except per share data)
(Unaudited)
		Nine Months Ended December 31, 2022
		As Reported			Impairment Charges				Restructuring and Other Charges(1)				COVID-19 Related Charges				ERP Implementation				Capri Transformation				War in Ukraine				As Adjusted
Gross profit		$	2,857		$	—			$	—			$	(6	)		$	—			$	—			$	—			$	2,851
Operating expenses		$	2,138		$	(12	)		$	(11	)		$	—			$	(20	)		$	(34	)		$	3			$	2,064
Total income from operations		$	719		$	12			$	11			$	(6	)		$	20			$	34			$	(3	)		$	787
Income before provision for income taxes		$	718		$	12			$	11			$	(6	)		$	20			$	34			$	(3	)		$	786
Provision for income taxes		$	66		$	2			$	3			$	(1	)		$	5			$	10			$	(1	)		$	84
Net income attributable to Capri		$	650		$	10			$	8			$	(5	)		$	15			$	24			$	(2	)		$	700
Diluted net income per ordinary share -    Capri		$	4.74		$	0.07			$	0.06			$	(0.04	)		$	0.11			$	0.18			$	(0.01	)		$	5.11

1. Primarily Includes other charges recorded in connection with the acquisition of Gianni Versace S.r.l. 

SCHEDULE 8
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, except per share data)
(Unaudited)
		Three Months Ended December 25, 2021
		As Reported			Restructuring and Other Charges (1)				COVID-19 Related Charges				ERP Implementation				Capri Transformation				As Adjusted
Gross profit		$	1,048		$	—			$	(1	)		$	—			$	—			$	1,047
Operating expenses		$	717		$	(14	)		$	(2	)		$	(3	)		$	(10	)		$	688
Total income from operations		$	331		$	14			$	1			$	3			$	10			$	359
Income before provision for income taxes		$	342		$	14			$	1			$	3			$	10			$	370
Provision for income taxes		$	19		$	1			$	1			$	1			$	8			$	30
Net income attributable to Capri		$	322		$	13			$	—			$	2			$	2			$	339
Diluted net income per ordinary share -    Capri		$	2.11		$	0.09			$	—			$	0.01			$	0.01			$	2.22

1. Includes store closure costs which have been incorporated into the Capri Retail Store Optimization Program, other restructuring initiatives, and other costs recorded in connection with the acquisitions of Gianni Versace S.r.l and Jimmy Choo Group Limited.

SCHEDULE 9
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, except per share data)
(Unaudited)
		Nine Months Ended December 25, 2021
		As Reported			Impairment Charges				Restructuring and Other Charges(1)				COVID-19 Related Charges				ERP Implementation				Capri Transformation				As Adjusted
Gross profit		$	2,788		$	—			$	—			$	(9	)		$	—			$	—			$	2,779
Operating expenses		$	2,004		$	(33	)		$	(25	)		$	(2	)		$	(11	)		$	(15	)		$	1,918
Total income from operations		$	784		$	33			$	25			$	(7	)		$	11			$	15			$	861
Income before provision for income taxes		$	796		$	33			$	25			$	(7	)		$	11			$	15			$	873
Provision for income taxes		$	54		$	8			$	2			$	—			$	4			$	9			$	77
Net income attributable to Capri		$	741		$	25			$	23			$	(7	)		$	7			$	6			$	795
Diluted net income per ordinary share -    Capri		$	4.82		$	0.16			$	0.15			$	(0.05	)		$	0.05			$	0.04			$	5.17

1. Includes store closure costs which have been incorporated into the Capri Retail Store Optimization Program, other restructuring initiatives, and other costs recorded in connection with the acquisitions of Gianni Versace S.r.l and Jimmy Choo Group Limited. 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230208005359/en/

Investor Relations:

Jennifer Davis

+1 (201) 514-8234

Jennifer.Davis@CapriHoldings.com

Media:

Dinesh Kandiah

+1 (917) 934-2427

Press@CapriHoldings.com

Source: Capri Holdings Limited

FAQ

What were the revenue results for Capri Holdings in Q3 Fiscal 2023?

Capri Holdings reported total revenue of $1.51 billion, a 6.0% decrease from the previous year.

What was the adjusted earnings per share for Capri Holdings in Q3 Fiscal 2023?

The adjusted earnings per share for Capri Holdings in Q3 Fiscal 2023 was $1.84.

What is the forecast for Capri Holdings for fiscal year 2024?

Capri Holdings expects to generate mid-single-digit revenue and earnings growth for fiscal year 2024.

How did the operating margin change for Capri Holdings in Q3 Fiscal 2023?

The adjusted operating margin for Capri Holdings decreased to 16.9%, down from 22.3% in the prior year.

What are the projections for Michael Kors' revenue in fiscal year 2024?

Michael Kors is expected to generate total revenue of approximately $3.9 billion in fiscal year 2024.